Economics

The WELLBY: a new measure of social value and progress

P. Frijters, C. Krekel, et al.

Discover the WELLBY (Wellbeing-Year), a groundbreaking measure of social value and progress introduced by Paul Frijters, Christian Krekel, Raúl Sanchis, and Ziggi Ivan Santini. This innovative approach evaluates life satisfaction in a meaningful way, demonstrating its potential to enhance policy appraisals and evaluations while surpassing GDP as a metric of social progress.

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Abstract

This paper introduces the WELLBY (Wellbeing-Year), a new measure of social value and progress. It defines a WELLBY as one point of self-reported life satisfaction (on a 0-10 scale) for one individual for one year. The authors demonstrate how WELLBYs can be used in ex-ante policy appraisals and ex-post evaluations, providing examples and discussing their application in social value banks globally. They also illustrate how WELLBYs can surpass GDP as a broader measure of social progress.

Publisher

Humanities & Social Sciences Communications

Published On

Jun 08, 2024

Authors

Paul Frijters, Christian Krekel, Raúl Sanchis, Ziggi Ivan Santini

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